The top 5 reasons a debt collection agency needs to tailor their strategies for clients
There are many potential reasons you would consider partnering with a Debt Collection Agency (DCA) but have you thought about business fit?
DCA’s were not all created equal so often it can be a minefield to know who will compliment you best. Key questions will need to be answered and alongside experience, focus and scope of ability, which are 3 of the crucial competencies you should look for when assessing the right fit for your collections team, you should also consider the DCA’s ability to develop strategies that compliment your goals.
You’ll have two options. Partnering with an off-the-shelf service provider that has little flex in it’s processes due to out of date methodology or a company focused on creating bespoke services with the flexibility to meet all of your requirements (be it based on procedure length, content, tone, IT integration, ancillary services or litigation requirements).
Which one sounds more attractive to you?
Our extensive experience in the debt collection industry, of customer expectations and sector regulations have meant that a personalised strategy is the only solution for our clients. As well as offering strong customer engagement, bespoke strategies also allow business processes to interact more seemlessly.
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In this blog we’ve pooled together the top 5 reasons partnering with a DCA that offers tailored strategies is a necessity:
You’re unique
A single voice is required
Control is key
It’s more customer friendly
Grow without the growing pains
The author and radio presenter, Charles R Swindoll once said: “The difference between something good and something great is attention to detail”, so let’s get into the detail.
1. You’re unique
You know how unique your business is. You’ll have a certain number of expectations of how you run your business and how you need information to be presented. Your customers will also be unique therefore your tone, branding and route to market will need to be mirrored at the ‘back end’.
The prepared DCA appreciates new approaches and can offer solutions to accommodate challenging business systems. They have an open-minded approach with a goal to create new processes that help to create synergy.
Your DCA of choice will need to have the capacity to first listen, then understand your processes and dovetail their services to support your unique needs. Bespoke strategies are what we do, for example, no one client has the same procedure and content as another. What works for one might not work for all.
2. Personalised and single voice
Many companies will spend a good deal of money developing brand values, colours and tone of communication so when deciding on the correct DCA to partner with you want to know that there is going to be a continuation of these same attributes.for your customers.
Familiarity builds confidence for customers, allowing them to feel like their needs are being met. Here at coeo we founded our ‘White Label’ product directly in response to our partners needing a service that gave their customers the ‘single voice’ of their services.
We become an extension of your team – which includes an adherence to your polices, procedures and processes.
3. Control
Procedure control is an important function because it helps keep everything on track and running smoothly. MI also helps to identify performance and/or recognise potential anomalies that may happen during the delivery of the service.
A bespoke service will offer a greater level of control than an ‘off the shelf’ package due to its ability to perform tasks as directed and expected with complimentary reporting.
This control will enable you to be confident that each function is executed according to your expectations and standards
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4. Customer friendly
As the saying goes ‘the customer is king’ and they’re the foundation of any business’ success. Customers need to be considered at every juncture of their lifecycle and the recoveries stage shouldn’t be an afterthought.
Tailored processes that align to your own systems will help the continuation of your Customer journey. They allow for familiarity from a customer standpoint despite the service being executed by a third party.
In addition, including rehabilitation strategies (which doesn’t always go hand-in-hand with a ‘traditional’ DCA approach) is crucial for success – and we recognise this.
5. Allows for growth
When you partner with a DCA offering tailored strategies you create an extension to your own collections department, without taking on the cost of extending your own team or investing in further overheads.
Using the resources of the third-party organisation can help you grow as you access more people, harder to reach customers as well as utilise the DCA expertise and resources like manpower, knowhow and technology.
Ultimately it leads towards strong growth and gives the collections team the ability to collect more, resulting in stronger bottom line returns.
Final words
coeo is proud to celebrate, our ability to create bespoke strategies that solve even the most challenging obstacles for our partners.
From analytical feedback and real-time data, through to system compatibility and extended collections resource like manpower, sophisticated processes and the latest multi-platform payment channels (including both online and offline processes), coeo leaves no stone unturned.